The plans prepared by the Germans for a Greek debt relief

In their interviews with Bloomberg two German parliamentarians have given a first taste of the solutions that Germany is prepared to tolerate to alleviate the Greek debt. "It will not be called haircut, but it will have the same effect," Frank Schaeffler, a member of the Economic Committee of the German Parliament, says.

"I am very worried because in my opinion, it is almost impossible to do this (to reduce the Greek debt) without a big jump in economic growth," Michael Fuchs, MP of the Christian Democrats and economy spokesman of Angela Merkel’s party, says. "We must look to the numerical reduction of debt at 120% of GDP. One and one equals two, not three."

The Greek government intends to seek debt relief to the creditors in the formal sector, after the occurrence of an annual primary surplus. While Angela Merkel has ruled out a second deletion of Greek debt, Finance Minister Wolfgang Schaeuble has said that there are chances for a review of the aid program for Greece.